The Vigeland Company completed the following transactions during year 1. Vigeland's fiscal year ends on December 31.

Jan.	15		Merchandise purchased and paid for. The invoice amount was $14,800; Assume a perpetual inventory system.
Apr.	1		Borrowed $780,000 from Summit Bank for general use; signed a 10-month 9% annual interest promissory note for the money.
June	14		Received a client deposit of $18,000 for services to be performed in the future.
July	15		Made $4,550 of services paid for on June 14.
Dec.	12		Electric bill received for $26,760. Vigeland plans to pay the bill in early January.
	31		Determined wages of $28,000 were earned but not yet paid as of December 31 (disregarding employment taxes)

Required

1) Prepare journal entries for each of these transactions. 

2) Prepare the required adjusting entries on December 31.

Answer rating: 100% (QA)

1 Journal Entries for each transaction Jan 15 Merchandise Inventory 14800 Cash or Accounts Payable 1... View the full answer